Federal Reserve Chair Jerome Powell is not known for giving decisive hints. Still, on Tuesday he did something rare: he openly acknowledged the rising “downside risks to unemployment” in a clearly dovish signal that the central bank is preparing to ease monetary policy.

Powell’s speech , delivered at an event for the National Association for Business Economics (NABE), was nominally about the Fed’s balance sheet. However, it concluded with a carefully placed shift in tone: the labor market is weakening faster than previously thought, inflation is no longer the sole threat, and policy may finally need to “take another step toward a more neutral stance.”

On Wall Street, there was little debate about what that meant—investors online rejoiced that “Powell is Dovish!”

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